BREAKING NEWS Landmark Theatres Sold To Onex

posted by Ross Melnick on November 12, 2002 at 9:57 am

LOS ANGELES, CA — Landmark Theatres, the largest and most successful art house chain in the United States, has been sold to the Onex Corporation which also owns Loews Cineplex Entertainment.

According to the Business Journal, “the non-binding agreement” calls for Onex to pay roughly “$36.3 million in equity capital, with the rest coming from acquisition financing.” The Los Angeles Times reports the total sale at $80 million.

With the two exhibitors under one corporate roof, the Los Angeles Times is reporting that Landmark Theatres will be operated as a “specialty film division” of LCE. Oaktree Capital, which is selling Landmark to the Onex Corporation, is currently a co-owner of LCE with Onex.

Landmark currently operates 67 theaters with 290 screens including the Oriental, Nuart, Sunshine, and many more Cinema Treasures around the country. There is no word yet on management or operational changes, or of any imminent theater closings.

We’ll keep you posted…